Resistance Released, Iron Ore Rose Sharply! [SMM Imported Ore Daily Brief]

Published: May 6, 2026 17:04

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On May 6, 2026, iron ore futures rose sharply today, with the most-traded contract I2609 closing at 816 yuan/mt, up 2.84% from the previous trading session. Port spot prices rose 10-18 yuan/mt from the previous day. Traders showed increased quoting activity, while steel mill purchases were mostly driven by rigid demand with few inquiries; overall spot transaction sentiment remained sluggish.

The latest SMM survey data showed that daily average pig iron production edged down by 9,800 mt to 2.4307 million mt; the blast furnace operating rate declined 0.19% to 89.61%. This indicated that overall rigid demand for iron ore, though slightly lower, remained at a high level.

Looking ahead, as previously constrained port inventory was released and well absorbed by the market, upward resistance on ore prices has eased amid continuously increasing destocking speed, and there is currently strong upward momentum. However, as raw material costs continue to climb and profits remain under pressure, steel mills may increase maintenance intensity going forward. Therefore, iron ore prices are expected to fluctuate upward in the short term, while medium and long-term trends still depend on the ability of steel mills to absorb supply.

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